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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I had acabin ra ental busness and borrowed on credit cards

Resolved Question:

I had acabin ra
ental busness and borrowed on credit cards to make payments.Now credit card are taking me to court.Cabins are sold.Could use some advice

Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Your question is in the Bankruptcy Law section.
Are you asking about the feasibility of filing a Bankruptcy to have this debt discharged?
Customer: replied 5 years ago.
yes and will Ilose 401k
Expert:  cfortunato replied 5 years ago.

Whether or not you can file a Chapter 7 Bankrutpcy (the preferred one) depends on your income:

1) What is your gross monthly household income?

2) How many are in your household?

Customer: replied 5 years ago.

I gross about 2600 and have 2 in householkd

Expert:  cfortunato replied 5 years ago.

Yes - you can file a Chapter 7 Bankruptcy, because your gross household monthly income is less than $3,933. Filing a Bankruptcy is the best way to eliminate debt you cannot afford to pay.

Additionally, as 401K pension plans are exempt (protected), you would be able to keep your 401K if you file a Bankruptcy.


I think this is what you wanted to know. If not, please let me know.
Thank you.


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